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Rolfe & Nolan Organisation Changes Reflect Growing Importance of Merlin

London and Chicago, July 12th 2005. Rolfe & Nolan, the leading independent supplier of specialist software and services to the exchange-traded derivatives market, has announced senior organisation changes that will take immediate effect.

The current CEO of Rolfe & Nolan Systems Inc (“RNSI”), Bob Sylverne, will assume a new Group position as CEO, Merlin Products Division, based in Chicago. In this role he will be responsible for all aspects of Rolfe & Nolan’s Merlin product range, including all development, marketing, implementation and support across all regions. He will also become President of RNSI.

Commenting on this new role, Bob Freeman, Rolfe & Nolan’s Group Chief Executive, said: "We have made major strides with Merlin in the last couple of years, particularly in the development of functional modules to handle Commissions, Fees, Margining and Exchange interfaces and we believe that now is the time to bring all our Merlin activities effectively under one "business head". Bob Sylverne is a highly respected figure in the industry who has the right blend of business and IT skills to lead Merlin out of the R&D phase towards realising the significant commercial interest that our new technology is generating, particularly in North America".

There are some other changes in senior executive responsibility associated with this new initiative. Jim Birney, currently the CFO of RNSI is promoted to CEO reporting directly to Bob Freeman as Group Chief Executive. Phil Reed, the present Chief Technology Officer for Europe will have a global operational role as Group Chief Operating Officer.